Salary Income

Tax Glossary Definition

Salary Income

Salary Income: Refers to compensation received by an individual from an employer for services rendered, encompassing components such as basic pay, allowances, bonuses, and perquisites. It is chargeable to tax under the head “Income from Salary” as per the Income Tax Act, 1961.

Example: An employee earning a basic salary of ₹6 lakh and HRA of ₹2 lakh per year reports total salary income of ₹8 lakh.

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